Electronic commerce has grown in recent years to establish itself as an essential form of consumption of goods and services. But the real turning point in buying and selling trends for consumers and businesses came last year, when the way we live, work and shop fundamentally changed. As a result, many consumers and businesses have understood, for the first time, that having an online presence is now an essential requirement rather than something “practical”.
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In fact, many physical businesses, especially those that did not have an e-commerce platform before COVID-19, have been forced to shut down. In the first half of 2020, in Spain, more than 207,000 companies closed, according to data from the National Institute of Statistics (INE). However, others saw the opportunity to adapt to a situation that caused product sales to skyrocket during this time and highlighted the need to streamline and promote online payment platforms.
The arrival of COVID-19, as well as the celebration of key days such as Black Friday, Cyber Monday or Singles Day in 2020, has caused a massive increase in e-commerce sales around the world, according to data from the 2020 eMarketer report. Now more than ever, secure and reliable online businesses and payment platforms are necessary for these businesses to thrive.
The business challenge of e-commerce: the boundaries between physical and digital have disappeared
However, the future of e-commerce is not a yellow brick road. Instead, consumer behavior and different environments condition it. Today, attracting new customers, retaining existing customers to buy more regularly, reducing cart abandonment and opening up new markets to expand customer base are just some of the big challenges businesses face. are facing.
The ability to adapt to changing consumer preferences – such as increased preference for omnichannel experiences – is crucial. Businesses need to consider whether their current operations will meet future needs.
In this sense, companies are faced with an environment in which consumers are increasingly demanding. The acquisition of new online customers and the need to convince skeptical consumers are forcing distribution companies to take their demands into account: to offer attractive content with detailed and reliable product information and with multimedia support (with images of quality or augmented reality for a more complete experience); personalized attention 24/7; easy-to-navigate shopping channels, plus delivery, collection, return and payment methods that make the online shopping experience easier.
Likewise, businesses must adapt to the needs of a customer who regularly changes devices and sales channels throughout the buying process. Nowadays, people don’t have to choose between buying in a physical store or online, but can search information about a new clothing collection from their computer, go to the store to try on the pants they liked. and, while they are in the locker room and to avoid the queues, buy them on the site. This is what industry experts call “Showrooming” (testing the product in a physical store and then buying it online). According to the IAB e-commerce study, in 2020 the preference to combine online and offline shopping was 52%, in the coming years the trend indicates that this formula is an option for 78% users.
Simplify payment to improve the shopping experience and reduce cart abandonment
However, regardless of the device chosen and the place of purchase, companies must be able to connect these channels (web, mobile, app, marketplace or a social network where it would be interesting to focus on social sale) to provide a smooth, consistent, easy and fast shopping experience.
When shopping online, customers want two things: their information to be safe and secure, and the shopping process to be quick and comfortable. That’s why simplifying the checkout process – for example, not requiring customers to sign up for checkout, or any unnecessary steps – and providing a reliable and secure payment method helps reduce cart abandonments now. . that visitors become buyers.
This is evidenced by data from a recent Nielsen report, commissioned by PayPal, from October 2019 to September 2020, which found that consumers who see the PayPal logo at the checkout stage are 36% more likely to complete their purchase through compared to other payment methods. This percentage is higher in the case of beauty and cosmetic products, for which customers are 57% more likely to buy, followed by food products, with a percentage of 27%, and clothing, which stands at 23%. %. And that’s mostly because some of the benefits of PayPal are the convenience of not having to enter payment information during checkout and the confidence of having the “buyer” on qualifying purchases.
But this doesn’t just happen in the last step of the buying process because often times when customers visit a website, before they start browsing between products, they check out how they will need to pay.
There is no doubt that increasing conversions and sales is the main goal of an e-commerce site. However, to encourage your customer to make payments seamlessly, you need to simplify the whole process.
One of the ways to ensure that your customers’ checkout process is to pay more attention to your checkout page. The checkout page is the last page that a customer who wants to buy on your platform sees. Adding a reliable and secure payment method like Stripe, Google Pay, Braintree, Paypound or Paypal is not enough. You need to control the checkout process to increase sales and conversions.
5 Ways To Simplify The Ecommerce Payment Process For Your Customers
Provide many safe and secure payment options
It is not enough to describe a few payment methods on your checkout page. Your customers have to choose from several payment options. While this seems like an obvious tip, several ecommerce sites still offer a handful of payment methods.
Remember that some payment methods are not accessible in some places. Therefore, if your potential customer does not see an accepted payment method in their location or region, the customer will leave your platform.
Authorize payments without an account
Unfortunately, many e-commerce sites require their customers to open an account with them before using their platform. While opening accounts seems ideal, studies have shown that some customers don’t want the stress of creating usernames and passwords all the time.
In addition, the fear of being inundated with various emails and promotional content seems to keep some customers away. Therefore, facilitate transactions on your website without necessarily opening an account. Most customers just want to shop and go.
Offer a transparent design
The design and layout of e-commerce websites is crucial. Additionally, you need to make sure that your choice of colors, fonts, design, etc. is consistent with your brand. Consistency in your design makes it easy for your customers to recognize your brand at all times.
Again, if your checkout page doesn’t match the design of the website, it can raise suspicion. Remember, online scams are loopholes, so customers want consistency in design and layout.
Do not redirect customers
Redirecting your customers to another website when they click on the checkout option will arouse suspicion. To a large extent, very sensitive customers can opt out and go to another website. Also use payment methods that don’t redirect customers to another platform. Customers may have doubts.
In addition, your customers will feel that their money is going to another platform. Therefore, avoid redirecting your customers to another website for payment.
Request only essential data
On your checkout or checkout page, only request essential data. Asking too much data from a customer can create fear and mistrust. In other words, keep your checkout page simple.
Finally, don’t offer complex payment options on your websites either. Make sure you go with a simple payment method.